30 September 2008

Got It Straight

Let me be clear: I have a modest retirement account that I've worked hard to save. I'm worried when I see what's happened to the market. But I also realize that while Wall Street says this is a new crisis, there's been a health care, wage, job and pension crisis that's been going on for the last decade - and so forgive me if I find it a bit ridiculous that while no one said we had to act quickly on those life-and-death crises, we are supposed to nonetheless see this banking sector problem as Armageddon that demands handing over 5% of our entire economy to one unelected political appointee (Henry Paulson). In that sense, all the alarmism - especially coming from such a discredited Washington crowd - rings a bit hollow.